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Australian Agricultural Company Limited

ASX:AAC ISIN:AU000000AAC9

News

Australian shares gave up early gains after disappointing trade numbers from China raised concerns that Chinese economy is cooling. The market closed slightly higher as earnings reports from market heavyweights BHP Billiton and Commonwealth Bank helped the rise. At the close, the benchmark S&P/ASX200 index was 8.3 points higher, or 0.2 per cent, at 4513.4. The broader All Ordinaries index rose 12.3 points, or 0.3 per cent, to 4533.

The Australian sharemarket posted a sharp loss for second straight day to a one-month closing low on Friday. The market pressured by worries about a slowdown in China and concerns over U.S. President Barack Obama's proposed stricter regulations on banks. At the close, the benchmark S&P/ASX200 index and the broader All Ordinaries index both tumbled 1.6 per cent. For the week, the ASX 200 fell 3.2 per cent, its worst weekly return in 12 weeks.

US stocks closed higher overnight as Dubai World said it was in discussions with banks to restructure US$26 billion in debt and the talks were proceeding on a constructive basis. Global markets strongly rebounded yesterday as investors realised that Dubai's trouble might be a regional problem.

Wall Street finished slightly lower overnight after the US stocks hit a fresh high on Friday. Investors locked in profits ahead of economic data due to release this week, including monthly retail sales figures and the Federal Reserve's statement on interest rates and the economy.

Yesterday the Australian share market was bolstered by favorable local and overseas economic data. The benchmark S&P/ASX200 index gained 60.9 points, or 1.56 per cent, to 3955.3 points, while the broader All Ordinaries index surged 60.2 points, or 1.55 per cent, at 3948.1 points.

Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.

The Australian share market ended lower on Monday, dragged by miners and banks. The market was cautious ahead of the federal budget which will forecast a record deficit tonight. Yesterday, the benchmark S&P/ASX200 was down 15.7 points, or 0.4%, at 3926, while the broader All Ordinaries lost 9.1 points, or 0.23%, to 3910.5.

The Australian shares ended marginally higher last Friday. The benchmark S&P/ASX200 index was up 3 points, or 0.1%, to 3941.7, while the broader All Ordinaries Index rose 7.5 points, or 0.2%, to 3919.6.

Yesterday the Australian market closed higher led by resources sector as Chinese Premier Wen Jiabao said the Chinese government will increase spending to boost the economy and achieve an 8% growth target this year. It raised the expectations that China's stimulus measures will prompt the demand for resources. The benchmark S&P/ASX200 index was up 22.1 points, or 0.7 per cent, to 3,188.5, while the broader All Ordinaries index rose 22.9 points, or 0.73 per cent, to 3,148.8.

Yesterday the Australian market closed lower even it rebounded after news the US Government may end up owning as much as 40% of Citigroup's common stock. The benchmark S&P/ASX200 index ended down 1.5%, or 51.2 points, at 3351.2, while the broader All Ordinaries index shed 1.5%, or 48.9 points, at 3304.1. Today the local stocks are expected a fresh low level on the massive lost in Wall Street.